Business braced for “creepy” increase the cost of credit

The sharp increase in the key rate of the Central Bank will raise the cost of credit to the real sector, warn entrepreneurs. But “take it was still impossible”, so business is hoping at least to stabilize the ruble
Business gave the first comments on the decision of the Central Bank to raise its key interest rate to 17%. “Judging from the first minutes of the opening of the MICEX, the measure worked, then it is the right move. The downside - high rate on the loans, but when the market panic, they still take the impossible - said RBC board member of the” Support of Russia “Alexei Nebol’sin. - Definitely now is the right decision and rather positive for the business. ”

“On the one hand, I understand the actions of the Central Bank - it is necessary to stop the sharp drop in the ruble. On the other hand, the market borrowing for business can be ruined. It will be hard to borrow funds in individual sectors, in agriculture - all terribly,” - said the head of the Council Directors of the corporation “Bioenergy”, a member of the board of the RSPP David Yakobashvili.

Chief economist at Alfa Bank, Natalia Orlova expects that rising interest rates will lead to a strong contraction in demand in those sectors that cater to non-food consumption. And it will affect both producers of non-food products (cars, household appliances and so on), as well as retailers who sell these products.

“This decision will bring recession” - pessimistic chief economist at the Center for Development HSE Valery Mironov. Drastically reduced the already declining investment demand. According to experts, it is difficult to calculate what additional recession will this decision, “but if intuitively, it is less than 1%.”

16 December 2014

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